CFPB’s Section 1071 Final Rule (Part 1): A General Overview - The Consumer Finance Podcast
Law Brief: CARES Act Relief for Small Businesses
Monthly Minute | Financial Relief for COVID-19
Nota Bene Episode 82: How Congress is Meeting the Pandemic: Stimulus, Relief, and Recovery with Elizabeth Frazee and Jonathan Meyer
Bankruptcy and Creditors' Rights Issues in Light of COVID-19
Since April 2020, through the CARES Act, the government has provided billions of dollars in emergency financial assistance to Americans suffering from the economic effects caused by the COVID-19 pandemic, including through...more
While Congress has expressed bipartisan support for replenishing the depleted Restaurant Revitalization Fund (“RRF”), it has not been able to take action to do so. There are currently two bills pending to replenish the funds,...more
The Paycheck Protection Program (PPP) loan forgiveness deadlines are quickly approaching. In order to avoid making unnecessary PPP loan payments, borrowers must submit loan forgiveness applications to their lenders within 10...more
The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more
The Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program, which provides long-term loans directly from the SBA, has been significantly enhanced. Beginning April 6, 2021, qualified companies can...more
On March 16, the House passed 415-13 H.R. 1799, the PPP Extension Act of 2021. The bill would extend the Paycheck Protection Program (PPP) loan application deadline to May 31 from March 31 and give the Small Business...more
Previously we reported on the various types of loan relief available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law on March 27, 2020....more
Risk Management Question - What precautions can lawyers, staff, and law firms as a whole take to mitigate the risk of falling victim to the latest COVID-19 scam involving phishing for personal information by dangling...more
As a result of recently passed stimulus legislation called the Economic Aid Act, additional funding has been made available under the Paycheck Protection Program (“PPP”) for both first and second-time borrowers. ...more
President Donald Trump signed into law on Sunday, December 27, 2020 the omnibus spending bill to fund the federal government. This federal appropriations bill includes approximately $900 billion in targeted COVID-19 relief....more
After days of uncertainty, the Consolidated Appropriations Act, 2021 (the “Act”) was passed by Congress on December 21, 2020, and signed into law by President Donald Trump on December 27, 2020....more
The U.S. Senate and House of Representatives, on December 21, 2020, approved H.R. 133, referred to as the “Consolidated Appropriations Act, 2021.” This advances to the president legislation to provide appropriations for 2021...more
As I previously reported in an article published earlier this month, the IRS has repeatedly taken the position that businesses cannot deduct otherwise deductible expenses (such as payroll or rent) if the business used...more
Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower generally may submit a loan forgiveness application any time on...more
On Dec. 1, lawmakers released competing COVID-19 relief proposals, restarting negotiations which have been stalled for months. As COVID-19 case rates sharply increase nationwide, several programs enacted under the CARES Act,...more
On November 18, 2020, the IRS issued Revenue Ruling 2020-27 (Ruling), which provided an answer to the question that Paycheck Protection Program (PPP) loan borrowers have been asking for months: can borrowers who received PPP...more
The Paycheck Protection Program closed on August 8. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained PPP...more
Under general income tax principles, when a borrower has its indebtedness forgiven, the borrower recognizes income in the forgiven amount. Under the CARES Act, however, Congress made clear that forgiveness of a Paycheck...more
Despite billions of dollars in funds remaining and available to the Paycheck Protection Program ("PPP") to provide small business loans, Congressional discussions to extend the program stalled last week, and the PPP loan...more
The IRS has released Notice 2020-50, which provides guidance to employers that have amended their retirement plans to take advantage of provisions under the CARES Act that provide access to special plan distributions, known...more
On Friday, June 19, 2020, the IRS released Notice 2020-50 which provides additional guidance regarding the coronavirus-related distributions (“CRDs”) and coronavirus-related loans and loan repayment delays (“CR Loan Relief”)...more
The CARES Act’s Paycheck Protection Program provides loans targeted to small businesses to help keep their workers employed during the coronavirus (COVID-19) pandemic, and offers loan forgiveness to borrowers maintaining a...more
On June 11, 2020, the Small Business Administration (SBA) released a revised interim final rule to implement changes made by the Paycheck Protection Program (PPP) Flexibility Act. ...more
The Federal Reserve took additional actions on April 9 to provide up to $2.3 trillion in loans to support the US economy during the coronavirus (COVID-19) pandemic. This LawFlash covers the new and expanded programs, and...more